India’s Pharma and Meditech Sector Set To…

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India’s Pharma and Meditech Sector Set To…

Updated: Oct 30, 2024 03:52:40pm

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India’s Pharma and Meditech Sector Set To Double, Reach US$ 140 Bn By 2030

New Delhi, Oct 30 (KNN) India’s pharmaceutical and meditech industry, valued at USD 70 billion, is poised for exponential growth and is expected to nearly double by 2030, according to Arunish Chawla, Secretary of the Department of Pharmaceuticals.

Speaking in an exclusive interview with CNBC-TV18, Chawla highlighted the sector’s rapid expansion, driven by a burgeoning CRDMO (Contract Research Development and Manufacturing Organisation) ecosystem, significant government-backed investments, and a surge in exports.

“The CRDMO industry is growing at a robust 12-14 per cent, offering enormous opportunities for graduates, engineers, and technicians,” Chawla noted. The expansion of this R&D and manufacturing ecosystem is set to play a pivotal role in India’s economic and employment landscape.

Chawla also pointed out a major shift in India’s pharmaceutical exports. “In the past year, half of India’s pharma and biological output was exported. As we approach the 50 per cent threshold, the industry is becoming more export-oriented.” He revealed a key milestone: for the first time, India achieved trade balance in bulk drugs, matching imports with exports.

This achievement signals India’s progress in reducing dependency on foreign raw materials. With several new PLI (Production Linked Incentive) projects underway, the focus is on bolstering domestic production, promoting self-reliance, and generating export revenues.

Prime Minister Narendra Modi recently inaugurated five pharmaceutical projects with a combined greenfield investment of Rs 5,000 crore, further advancing India’s self-reliance or atma nirbharta mission.

These projects, Chawla explained, are part of a larger PLI scheme that has attracted Rs 35,000 crore in cumulative investments across 55 projects, with another 30 projects in the pipeline.

These investments target critical healthcare needs by promoting the domestic manufacturing of coronary stents, heart valves, and key antibiotics such as penicillin and clavulanic acid, reducing import dependency.

Additionally, PM Modi unveiled healthcare projects worth Rs 13,000 crore to strengthen infrastructure. Key initiatives included the rollout of free healthcare for senior citizens under the PMJAY insurance scheme, the launch of Phase 2 of the All India Institute of Ayurveda, and the introduction of drone services in 11 tertiary healthcare institutions.

As India advances its PLI initiatives and CRDMO capabilities, the sector is well-positioned for long-term growth. With biosimilars outpacing generics and over 100 complex molecules already approved domestically, Chawla remarked, “The future is even brighter.”

India’s pharmaceutical sector is not just evolving—it is leading the way toward a sustainable, export-driven future that will redefine global healthcare markets.

(KNN Bureau)

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